Texas Special District Local Laws Code - SDLL § 8501.269. Refunding Obligation

(1) may be issued for an obligation that is due or to become due; and

(2) is subject to the provisions of this chapter relating to the issuance of other obligations.

(1) exchanged for like par amounts of the outstanding obligation; or

(2) sold, with the proceeds being used to retire the outstanding obligation.

(1) secured in all respects to the same extent as other obligations issued under this chapter; and

(2) paid from the same revenue from which the refunded obligation was to be paid.